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Old 01-07-2013, 08:33 AM #1
Murph1329
 
 
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Down 2,000

Well looks like i'll be paying 2,000 more in taxes this year. I thought the whole point of this was so taxes wouldn't go up. We should have just gone off the cliff....at least we'd get some spending cuts out of it.

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Earlier this week President Obama signed into law the American Taxpayer Relief Act of 2012 (ATRA). This legislation, effective January, 1 2013, includes several changes to tax laws that will affect payroll in 2013. The more significant changes are outlined below, but we encourage you to review the attached IRS notice for additional details.

Employee Social Security Tax Returns to 6.2%: The employee Social Security tax rate will increase from 4.2% to 6.2% for 2013 wages up to the wage base limit of $113,700. As a result, you will notice an increase in the “Fed OASDI/EE” line item on your next paycheck stub. The Social Security tax is calculated by taking Gross Earnings, plus taxable fringe benefits, and less your before-tax deductions—as itemized on your paystub. Please see the chart below for more details.


2012
Emp SS = 4.2%
RateSS TaxWage Base Rate = $110,100
Max Emp SS Tax Paid = $4,624.20

2013
Emp SS = 6.2%
RateSS TaxWage Base Rate = $113,700
Max Emp SS Tax Paid = $7,049.40

Additional Medicare Tax for Earnings more than $200,000: The Medicare tax rate will remain at 1.45% for U.S. members earning less than $200,000 and will increase by 0.9% for members earning more than $200,000 a year.

Mass Transit Pre-Tax Withholding Increased: Members can now withhold up to $240 (an increase from $125) a month on a pre-tax basis for qualified mass-transit benefits. This is equal to the allowable withholding for qualified parking benefits.

Educational Assistance Exclusion Now Permanent: The ATRA permanently extends a member’s ability to exclude from income up to $5,250 per year in educational assistance at the undergraduate and graduate level, regardless of whether the education is job-related.
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Old 01-07-2013, 08:55 AM #2
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Quote:
Originally Posted by Murph1329 View Post
Well looks like i'll be paying 2,000 more in taxes this year. I thought the whole point of this was so taxes wouldn't go down. We should have just gone off the cliff....at least we'd get some spending cuts out of it.
True that.
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Old 01-07-2013, 09:12 AM #3
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Taxes were only for radio talking points and the usual class warfare distractions. Their real concern was, and always will be, the fate of their pet projects. I was not surprised by the end result.
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Old 01-07-2013, 09:35 AM #4
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This wasn't part of the discussed tax cuts, this was expiration of a stimulus tax cut.

***** about the stimulus being enacted and then ***** about it going away.
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Old 01-07-2013, 11:04 AM #5
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***** about the stimulus being enacted and then ***** about it going away.
lolz
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Old 01-07-2013, 12:01 PM #6
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lolz
Seems like you can't do anything without someone *****ing about the status quo changing.
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Old 01-07-2013, 12:14 PM #7
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Then they'd complain Social Security is accumulating too much debt.
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Old 01-07-2013, 12:16 PM #8
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anyway you try to spin this it's a tax increase to the middle class, something obama said he wouldn't do
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Old 01-07-2013, 12:18 PM #9
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Originally Posted by Murph1329 View Post
anyway you try to spin this it's a tax increase to the middle class, something obama said he wouldn't do
doesn't understand stimulus tax breaks
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Old 01-07-2013, 12:21 PM #10
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Originally Posted by AlphaNeo36 View Post
Then they'd complain Social Security is accumulating too much debt.


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Originally Posted by Murph1329 View Post
anyway you try to spin this it's a tax increase to the middle class, something obama said he wouldn't do
lol'd
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Old 01-07-2013, 12:28 PM #11
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I don't want to pay more to a government that does a ****ty job with what I give them now.
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Old 01-07-2013, 12:31 PM #12
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lol'd

obviously you don't think it's a tax increase. If it's not a tax increase then please tell me what it is because my taxes went up...i'm looking at my pay stub right now.

I'm still trying to wrap me head around 6.2% not being greater than 4.2%.

I'd love for you to make me look like an idiot....maybe i'll learn something.
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Old 01-07-2013, 12:34 PM #13
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Originally Posted by Murph1329 View Post
obviously you don't think it's a tax increase. If it's not a tax increase then please tell me what it is because my taxes went up...i'm looking at my pay stub right now.

I'm still trying to wrap me head around 6.2% not being greater than 4.2%.

I'd love for you to make me look like an idiot....maybe i'll learn something.
We aren't denying that your taxes went up. We are questioning the cause (and who caused the cause). Don't be stupid, stupid.
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Old 01-07-2013, 12:39 PM #14
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We aren't denying that your taxes went up. We are questioning the cause (and who caused the cause). Don't be stupid, stupid.
you know who caused it? Obama...who said he WOULD NOT increase taxes on the middle class. He could have vetoed it.

listen to the sheep laugh




basically i won't raise taxes during my first term because i won't get re-elected. I'll just kick the can down the road till it's too late during the second term.
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Old 01-07-2013, 12:40 PM #15
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This wasn't part of the discussed tax cuts, this was expiration of a stimulus tax cut.
How don't you understand this? Would you prefer that Obama continued the stimulus? Which party do you think would allow this and which wouldn't?
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Old 01-07-2013, 12:45 PM #16
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The Obama party.
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Old 01-07-2013, 12:48 PM #17
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It's funny because Republicans were the party that didn't want to extend the cut.
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Old 01-07-2013, 12:49 PM #18
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It's funny because Republicans were the party that didn't want to extend the cut.
funny or sad?
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Old 01-07-2013, 01:05 PM #19
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The tax increase covers 16 days of spending... So we have 9 days to go before it runs out!

Then what?...


Just keep spending, just keep spending... (said in my best Dori from Finding Nemo voice).
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Old 01-07-2013, 01:08 PM #20
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funny or sad?
I tend to laugh at others' misfortunes, particularly lack of intelligence.
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Overbear: I prefer that I be given a license to shoot anyone who would pick socialism or communism over the basic freedoms inherent to consumerism.
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yesme: i'm not saying you should invest in gold first off, you would be much better off to invest in food,stuff you use and will keep for a couple of years, like razors
Blake360: in highschool, my teacher's father worked for the CIA and she brought my class documents proving the Roswell crash was of extraterrestrial origin.
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Old 01-07-2013, 01:24 PM #21
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Originally Posted by FreeEnterprise View Post
The tax increase covers 16 days of spending... So we have 9 days to go before it runs out!

Then what?...


Just keep spending, just keep spending... (said in my best Dori from Finding Nemo voice).
Then we argue about it in a few more months and hold enough sacred cow hostage.
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